Following this announcement, the measures took effect on 27th August, as 69 individuals and 47 entities were already added to Switzerland's sanctions list.
In response to Russia’s ongoing military aggression against Ukraine, as well as Russia’s continued destabilising actions that undermine Ukraine's territorial integrity, sovereignty, and security, the EU decided to adopt new measures against the country on 24th June as part of its 14th package of sanctions. On 9th of July, the Federal Department of Economic Affairs, Education and Research (EAER), in its capacity as the competent body, already implemented sanctions on additional entities.
In August, the Federal Council decided to adopt further measures of the EU’s 14th package of sanctions against Russia. These also included a clarification of the bans on Russian diamonds, making them internationally harmonised. In addition, the effective implementation of sanctions against Russia and international coordination are of great importance to the Federal Council.
At the same time, the Federal Council has also extended the deadlines for granting exemption permits with regard to the withdrawal of investments and funding from the region of Russia. The overall aim is to ensure that Swiss companies and firms can legally terminate their business activities in the country. The amendments entered into force on the 27th of August.
The 14th package of sanctions adopted by the EU on 24th of June aimed to provide for a number of additional measures, which are currently being examined in detail. At the same time, the head of the EAER informed the Federal Council about the measures at their meeting on the 21st of August. The Federal Council will also discuss these measures in due course.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now